Alibaba forecasts 2024 emerging trends of digital foreign trade
Eight emerging trends in digital foreign trade for 2024 were outlined in a new report released by Alibaba.com, Chinese tech heavyweight Alibaba Group's business-to-business platform that helps facilitate foreign trade, on Dec 27.
The report identifies new energy vehicles, niche sports, smart hardware, home automation, green and eco-friendly products, green energy equipment, hardware tools, and flexible production of small machinery as the top trends.
The rankings also highlight new energy, green and eco-friendly, personalization, and smart as the four keywords driving said trends. Brand substitution, enjoying oneself at home, green and eco-friendly, and cutting-edge technology emerged as major themes for overseas consumers throughout the year.
In the new energy sector, Chinese NEVs are surging ahead in the global market, having achieved remarkable progress in the industrial chain and technology. Chinese domestic brands now boast product capabilities surpassing those of traditional giants in Europe and the United States.
According to the report, sales of NEVs manufactured in China have seen a year-on-year growth of 97 %. New energy passenger cars, golf carts, electric motorcycles, and electric tricycles are expected to be popular product categories in 2024.
In terms of personalization, overseas consumers have driven niche sports to the forefront, turning pickleball, baseball, and badminton into international favourites. With pickleball designated as a demonstration sport for the 2024 Paris Olympics, sales of rackets have surged by 209 %. Emerging outdoor leisure products related to camping and mountaineering have also maintained strong sales over the past two years.
The report also shows that wearable devices, virtual reality glasses, smart speakers, and pet-related products have seen growth rates of over 30 %.
